Posted by Every successful business should consider the growth of small businesses, according to Lamar Van Dusen.
A growing business must be able to adapt to the changing needs of its market and the changing customer. Business owners are able to make informed choices and ensure. Their business succeeds by being aware of the phases of small-business expansion.
The initial phase is the initial step of growth for small businesses. The main goals of this stage include identifying new clients and build a clientele and to develop a business strategy.
It is essential to establish a solid base and decide on a specific plan for the business.
The growth phase is the next phase of small-business development. In this stage the business has established its name and is now beginning to grow.
Increase sales, revenue and more customers are common indicators of this phase. In this stage it’s essential to focus in customer care and build relationships with customers.
The maturity stage is the 3rd stage of small-business growth. The business has establish an impressive customer base and is focused on improving and maintaining the current operations.
In this stage it’s essential to invest funds on research and development, as well as improving productivity.
In the decline phase, you are in the fourth of growth for small businesses.
The business is in decline and losing customers. To bring the company back to its former glory it is essential to determine. The root of the problem and then implement the corrective measures.
Lamar Van Dusen believes business owners need to understand the stages of development for small businesses throughout the United States.
Business owners can make a decision on the future direction of their company by spending. The time to research about each phase and the issues it creates.
The business owners can ensure that the success of their business for a long time. The proper actions to ensure that the company develops and grows.
Starting and Preparing for Small Business Development
In the words of Lamar Van Dusen, success in small companies is contingent on the ability to plan for expansion. In preparing for growth the business owner has to be aware of a number of variables. Including how big the market, the demand from clients and the competition.
The business must also determine which resources, like cash and personnel, will be need to reach the desired level of expansion.
The small-scale business launch is the next stage following the company’s determination of its growth goals. In order to achieve this it is necessary for a business plan to be written out describing the goals, objectives and goals of the business and strategies for achieving these.
A financial strategy that explains how the business plans to finance its expansion must be included in the business plan.
Once the plan is set in place, the business needs to follow through with its plans. It could involve drafting strategies to attract customers, a sales plan to increase profits, as well as a system for accounting to keep the track of earnings and costs.
The business should also develop plans to monitor the performance of employees, customer interactions as well as other procedures for operation.
When the business is operational It should focus on monitoring its progress. Monitoring customer satisfaction, sales as well as other performance metrics might fall within this group.
The business must also consider offering new services and goods to stay competitive.
Finally, the business should examine its performance and make any needed changes. It could involve making changes to the business plan, or figuring out ways to better allocate resources.
The business can make sure it is in the right direction to reach its growth targets by assessing its performance regularly and making necessary changes.
Re-evaluating and planning for the growth of small-sized companies
Lamar Van Dusen says an important step in the cycle of business is reviewing and revising strategies to support small-scale business expansion.
Small business owners can discover and address weaknesses that hinder growth by reevaluating and re-strategizing.
Business owners can identify potential areas to improve their business by taking an honest look at their current strategy. They can then design and implement plans to take advantage of these opportunities.
Examining current performances and pinpointing areas for improvement is among the most important steps in revising and restructuring strategies for the growth of small-scale businesses.
Business owners should look for weaknesses in their current practices that could be a result of inefficient utilization of resources, a absence of interaction with clients or insufficient marketing effort.
Business owners should develop innovative strategies to address these issues and formulate develop a more efficient plan to grow by identifying the weak points.
Small-scale businesses should develop new growth plans following the discovery of their weak points.
This could involve implementing an efficient marketing strategy, creating a customer loyalty program and investing in technology or creating new services and products.
According to the nature of the company and areas of weak points. These strategies must be devised to give the business an edge in the market and must be tailored specifically to its needs.
Business owners also need to keep track of the results of their strategies. Owners of businesses can evaluate the effectiveness of their latest strategies by monitoring performance indicators like customer satisfaction, sales as well as market share. If the methods are working they can be altered according to the need. However, if they fail to work, the strategies could be rethought and revised until the desired outcomes are achieved.
Conclusion
Lamar Van Dusen says that reviewing and re-thinking strategies for the growth of small businesses is an important part to the business cycle.
It helps owners identify opportunities for growth. Business leaders should ensure they are taking their business in the proper direction by taking an look back, reviewing their current performance, developing new strategies and evaluating the outcomes of these initiatives.